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N.Y. Reforms Credited with Shaving Workers' Comp Rates by 20.5%

East News • July 12, 2007
Rates for workers' compensation insurance in New York will decline by more than 20.5 percent, —the biggest cut in more than 20 years — saving employers about $1 billion, according to state ...

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Subject: Farce

Posted On: July 12, 2007, 2:40 pm CDT
Posted By: Joshua
Comment:
If Sheldon Silver endorses it don't drop your soap. Let's see now......INCREASE the weekly maximum benefit to the worker by 75%? That's nice fat number. Who came up with that? Let's almost double their money (tax free by the way) and give it to them quicker. They mention reducing the duration but didn't provide the specifics so it must be inconsequential. Sounds like a shell game to me. Talk about creating an incentive to have a WC claim. I'll bet the workers particularly love the injuries subject to classification and a lifetime award. Is anyone looking at the trends for these to occur when people are approaching retirement age?

Eliminate the second injury fund so carriers have to shoulder even more of the burden. Nice touch.

Why doesn't somebody address the real pariah in NY, the antiquated section 240 labor law that plagues businesses and carriers alike. NY is one of only 2 states that still have it. Why?
Subject Posted By Posted On
Good for New Yorkers bad for the rest of the country cltpie28
Aug 31, 2007, 1:22 pm
RE: RE: Farce-NY WC Rate Reduction mcheck57
Jul 13, 2007, 1:03 pm
RE: Farce-NY WC Rate Reduction DJ
Jul 12, 2007, 7:23 pm
Farce Joshua
Jul 12, 2007, 2:40 pm
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